Cardano (ADA) May Fall to New 20-Month as Crypto Crash Worsen by DailyCoin

Cardano (ADA), the eighth most valuable crypto ranked by market cap, is experiencing its biggest single-day drop in two months as the ongoing crypto crash wipes away 11% of Cardano’s value.

(ADA) Falls to $0.4

The crypto market crash continues on Monday, September 19, with Cardano (ADA) suffering one of its biggest losses. The price of Cardano has fallen by 11% in the last 24 hours to fall as low as $0.4344.

7-day price chart for Cardano (ADA). Source: CoinMarketCap

ADA’s price crash comes amid a wider, global economic crisis. Rising inflation has prompted central banks to raise interest rates, leading to a ripple effect that has taken a huge toll on the crypto and stock markets.

Last week, the stock markets experienced their steepest weekly decline since 17 June. Over the past 24 hours, equity markets are down nearly 1% as the US Federal Reserve prepares for what could be the biggest rate hike in 40 years.

Is it about to get worse for Cardano (ADA)?

Veteran trader Peter Brandt highlights that Cardano (ADA) is showing a bearish continuation pattern, which mimics the pattern seen in (BTC) before BTC’s 50% crash during the 2018 crypto winter.

Brandt predicts significant further decline for ADA in the coming days. If ADA falls in value by 50%, it could reach levels of $0.22, last seen more than 20 months ago. Brandt wrote on Twitter (NYSE:):

This is a fractal chart construction known as a descending triangle. If it continues in the fractal, $ADA should have another significant decline. “Should”, not “must” pic.twitter.com/b3ZL7NTdYj

— Peter Brandt (@PeterLBrandt) September 14, 2022

The veteran trader’s analysis of ADA comes less than a week before Cardano’s long-awaited Vasil hard fork. In regards to the upgrade, Charles Hoskinson announced that a hard fork combiner request has been submitted and accepted.

On the other side

• Cardano (ADA) holders are looking ahead to the 8- and 21-day simple moving averages (MAs) that many are watching with the hope of forming a post-rejection that could push the price of ADA above $0.52.

Why you should care

Cardano (ADA) crash mirrors what is seen in the rest of the crypto and stock markets. Despite this, supporters remain hopeful that Vasil, who is in the final stages before implementation, can turn the tide for the ADA.

Recent developments as Cardano approaches Vasil:

Eight leading exchanges are upgrading their systems ahead of Cardano’s Vasil Hard Fork

Hoskinsons responds to critics of the centralization of Cardano below:

Cardano (ADA) Founder Charles Hoskinson Says He Can’t Change ADA’s Supply Or Force Vasil Hard Fork

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